{"id":170,"date":"2006-05-12T20:05:33","date_gmt":"2006-05-13T01:05:33","guid":{"rendered":"https:\/\/officiallyscrewed.com\/blog\/?p=170"},"modified":"2006-05-12T20:05:33","modified_gmt":"2006-05-13T01:05:33","slug":"laymans-budget-part-ii-childrens-fitness-tax-credit-revisited","status":"publish","type":"post","link":"https:\/\/officiallyscrewed.com\/?p=170","title":{"rendered":"Layman&#039;s Budget Part II &#8211; Children&#039;s Fitness Tax Credit (revisited)"},"content":{"rendered":"<h1>DISCLAIMER:I am not an accountant and do not profess to be. If anyone out there can correct me if I am way off base please do. If I am off by a few dollars here or there, oh well. It\u2019s close enough for guesstimating.<\/h1>\n<p>From <a target=\"_blank\" href=\"http:\/\/www.fin.gc.ca\/budget06\/brief\/briefe.htm\">The Budget In Brief, page 9<\/a>.<\/p>\n<blockquote><p>A children&#8217;s fitness tax credit for up to $500 in eligible fees for physical fitness programs for each child under age 16.<\/p><\/blockquote>\n<p>I am going to quote an accountant friend of mine on this tax credit.  He said:<\/p>\n<blockquote><p>A tax credit generally is only a flat rate reduction of income tax of 15% federal and 6.05% provincial, the lowest marginal tax rates, or $110 in this example. It is the same type of deduction as a summer camp or caregiver.<\/p><\/blockquote>\n<p>So what does this mean to you?  Let me show my my handy dandy table to give you an idea on what it may mean for you.<\/p>\n<div style=\"text-align: center\"><img decoding=\"async\" id=\"image171\" alt=\"CFTC-2006.jpg\" src=\"https:\/\/officiallyscrewed.com\/wp-content\/uploads\/2006\/05\/CFTC-2006.jpg\" \/><\/div>\n<p>Now as I have blogged on numerous occasions, the Better Half and I have a couple of active children, ages 9 and 13.  I am not positive of the total we spend on their athletic registrations but it is definately over $500 for one and close to it for the other.  This means that the new credit will put about $200 back in my pocket.<\/p>\n<p>Thanks Mr. Flaherty.  That&#8217;s just enough money to get my son a new pair of soccer shoes and pay for one night hotel&#8217;s stay when my daughter competes at Provincials later in the month.  Or perhaps I could take that savings and buy my kids an RESP!! (I learned that one from reading Brent Colbert) Apparently it shelters the growth from taxes and triggers a matching amount from the government.  How sweet is that to have tucked away when the kids apply to post-secondary education?<\/p>\n<p>I hope Canadians are paying attention.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DISCLAIMER:I am not an accountant and do not profess to be. If anyone out there can correct me if I am way off base please do. If I am off by a few dollars here or there, oh well. It\u2019s close enough for guesstimating. From The Budget In Brief, page 9. A children&#8217;s fitness tax [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[52],"tags":[],"class_list":["post-170","post","type-post","status-publish","format-standard","hentry","category-politics-federal"],"_links":{"self":[{"href":"https:\/\/officiallyscrewed.com\/index.php?rest_route=\/wp\/v2\/posts\/170","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/officiallyscrewed.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/officiallyscrewed.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/officiallyscrewed.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/officiallyscrewed.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=170"}],"version-history":[{"count":0,"href":"https:\/\/officiallyscrewed.com\/index.php?rest_route=\/wp\/v2\/posts\/170\/revisions"}],"wp:attachment":[{"href":"https:\/\/officiallyscrewed.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/officiallyscrewed.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/officiallyscrewed.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}